Greencoat Renewables is to acquire the majority of Coillte’s shares in a portfolio of four operating wind farms in Ireland totalling 105.1MW for €136.1m.

The acquisition comprises 50% stakes in the 35.2MW Raheenleagh project in Wicklow, 108MW Cloosh Valley facility in Galway and 33.2MW Castlepook plant in Cork, as well as a 25% interest in the 64MW Sliabh Bawn project in Roscommon.

Raheenleagh features 11 Siemens Gamesa 3.2MW turbines with ESB owning the remaining 50%. Cloosh Valley comprises 36 Siemens Gamesa 3.0MW machines with SSE holding the other 50% share.

Castlepook consists of 14 Nordex N90 2.5MW turbines and is 50% owned by ESB, while Sliabh Bawn, which is made up of 20 Siemens Gamesa 3.2MW machines, is 50% owned by Bord Na Mona and 25% by Coillte.

The portfolio comes with long-term fixed rate project finance and has an overall net enterprise value of €281m, Greencoat said.

The wind farms also benefit from over 13 years of fixed-floor power prices under REFIT 2, and options to extend the land leases to 50 years, it added.

The acquisition, which is expected to complete by November 2018, will be funded by Greencoat Renewables’ existing Revolving Credit Facility.

Greencoat Capital partner Bertrand Gautier said: “We are delighted with this investment into one of Ireland’s premier infrastructure portfolios, and alongside some of the country’s most experienced and trusted utilities.

“As a strategic scale asset, this is another example of our ability to find value across the entire market, and allows Coillte to recycle its capital to build out their significant development portfolio. We look forward to deepening our strategic partnerships with SSE, ESB, Bord Na Mona and Coillte itself.”

Coillte's Fergal Leamy said: “Today’s announcement demonstrates the quality of the renewable energy assets which we have developed over the last four years.

“The proceeds from the sale will be reinvested in the business to generate more value and to enhance the overall value of the group.

“Over the coming months we will announce details of how we plan to develop in excess of 1000MW of renewable energy generating capacity over the next 10 years across a pipeline of 25 projects we have identified on the Coillte estate.”